National Buildings Construction Corporation rose 6.70% to Rs 753.60 at 9:51 IST on BSE on reports a foreign brokerage initiated coverage on the stock with a 'buy' rating.
Meanwhile, the BSE Sensex was unchanged at 27,205.67.
On BSE, so far 3.67 lakh shares were traded in the counter, compared with an average volume of 2.80 lakh shares in the past one quarter.
The stock hit a high of Rs 759.85 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 713.10 so far during the day. The stock hit a 52-week low of Rs 108.30 on 7 October 2013.
The stock had outperformed the market over the past one month till 22 September 2014, rising 59.18% compared with 2.98% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 132.22% as against Sensex's 8.37% rise.
The mid-cap company has an equity capital of Rs 120 crore. Face value per share is Rs 10.
According to reports, the brokerage said National Buildings Construction Corporation (NBCC) has an asset light business model with lower working capital requirement. The brokerage expects its revenue to grow at a CAGR of 34% over fiscal year ending March 2014 (FY 2014) to fiscal year ending March 2017 (FY 2017).
NBCC's consolidated net profit declined 11.6% to Rs 33.52 crore on 12.1% growth in net sales to Rs 836.69 crore in Q1 June 2014 over Q1 June 2013.
NBCC provides civil engineering construction services in wide gamut of projects of varied nature, complexities & at socio-political geographical locations, both at home & overseas. NBCC has been operating in infrastructure segment as well, wherein it has been executing projects such as chimneys, cooling towers, and various types of power plant works.
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